Why are Cyberthreats Growing for Businesses?
There’s no question that cybercrime is increasing.
More employees are falling victim to the latest phishing schemes. More entities are halted because of more attacks. More small businesses and nonprofits have been forced to close their doors because of more ransomware demands.
So, why does it keep happening? And why is it getting worse?
1. More People Prioritize Convenience at the Cost of Privacy
Convenience and privacy are at odds. When it comes to technology, most people (and most employees) will choose the most convenient path to do something (storing a password, saving credit card information, etc.), and when they do, they often give up at least some aspect of privacy (and security).
Preventative measures, like multi-factor authentication, are considered inconvenient because they add another step and a few more seconds to a process—leading some to avoid it altogether. The increasingly popular choice to opt for convenience over privacy creates inevitable windows for cyberthreats.
2. More People are Using Technology Without Understanding Technology
Technology use is no longer optional for successfully growing a business or performing many tasks within a global society. It’s a requirement. But most employees don’t fully understand the technology they use in their daily work, and most won’t make the effort to learn without being prompted.
Most technology works the way it’s supposed to. It’s the misuse of that technology and a lack of cybersecurity-specific education that causes the majority of breaches and attacks.
Cybersecurity is fundamentally a people problem and not typically a technology problem. Yes, technology helps tremendously in combatting threat actors, but human actions such as errors, social engineering susceptibility, weak passwords and lack of awareness pose significant risks.
As technology use grows and understanding wanes, new schemes emerge.
3. There Are More Security Frameworks and Solutions Than Ever Before
This sounds like good news, right? There are hundreds of security frameworks a business can choose to follow, which provide helpful guidance for cybersecurity knowledge and efforts based on an organization’s size, preferences and industry.
The bad news is that—for the businesses that are looking to implement a robust cybersecurity program—it can be challenging to navigate the wide pool of frameworks, which can lead to confusion, misguided efforts and false conclusions.
4. Collaboration is Declining Throughout Society
Competition is rising, and sharing information is less common. It’s unlikely your peers will share openly about a threat they experienced or how they are promoting security within their organizations.
Most business leaders consider this to be confidential information to the organization, but when it comes to security, restricting information has allowed threats to spread. Threat actors continue to collaborate with each other to further their attacks, while organizations become more siloed with their stories and strategies.
Collaboration with federal law enforcement can also be helpful, but be careful; you want to know your allies before you need their help (after a breach occurs). Groups like InfraGard are working to promote such collaboration through consistent education and threat intelligence conversations.
5. Most Businesses Haven’t Been Willing To Allocate Appropriate Resources to Security
Establishing a cybersecurity awareness culture within a business isn’t simple. It demands constant communication, training and evaluation. Unfortunately, without a consistent message and effort from a company’s leadership, most employees don’t see a need to make an effort toward security on their own.
At the end of the day, most organizations simply don’t care enough about security to divert the business resources required to create a strong cybersecurity posture, which opens them up for increased risk of a breach.
Organizations must prioritize security education for their employees, foster a culture of cybersecurity awareness and recognize that every employee contributes to safeguarding the company’s assets.
6. More Businesses Are Mistaking Compliance for Security
Many businesses believe that if they make an effort to comply with data privacy regulations, then they will be protected from cyber schemes. In reality, maintaining compliance and creating a robust cybersecurity plan are wildly different.
This leads many businesses into thinking they have effective protections in place, when the truth is that they are still incredibly vulnerable to a cyberattack. And this false sense of security is easily spotted by cybercriminals looking to gain unauthorized access to your systems.
7. The Remote Workforce Has Grown (and is here to stay)
Remote work is impacting nearly every organization. And even if your organization’s staff doesn’t work remotely, a substantial portion of your vendors, contacts and customers probably do, whether you know it or not.
Only a few years ago, remote work was occurring, but it was rarely discussed. Most online activities were executed by supervised employees at a secure location. Now, remote and hybrid work arrangements have allowed more activities to be conducted from unsupervised individuals at unsecured locations, which allows more opportunities for both bad actors and accidents.
Understanding and Mitigating Your Business’s Risk
While there may be more opportunity than ever before for cybercriminals, knowing the threat landscape and your business’s unique risks can help prevent your organization from becoming a cyber statistic.
When you are keenly aware of your organization’s risks, internal controls, protection measures and vendor practices, you’re more equipped to make the best cybersecurity decisions for your business.
To learn more about where your organization’s vulnerabilities may be and how to strengthen your overall cybersecurity posture, connect with your Warren Averett advisor directly, or contact a member of our Risk Advisory & Assurance Services team to start the conversation.
